Awhile ago I wrote a post asking if it was time for Americans to start moving our money out of major banks like Wells Fargo and Chase as they start to increase user fees. A lot of people would wonder, like I did, what do we do with the money once we pull it out? Use check cashing places? Keep it under the mattress or in coffee cans?
No. The next stop would be community banks or credit unions.
What’s the difference? Here’s a quick bit of info for you:
According to the Independent Community Bankers of America Website community banks are independent, locally owned and operated institutions. What does that mean to us consumers?
Their boards of directors are local citizens. People who live where you do, not heads of multinational corporations who have no idea what real life is like. And the money you deposit stays in your area, helping it grow faster.
The fees they charge tend to be less than large banks, and while we’re paying to consolidate the “too big to fail” banks into a few “too big to not be a monopoly” conglomerate, more and more community banks are popping up all over the country.
Ok, but what about credit unions? What’s their deal?
Here’s some info from My Credit Union.gov:
” A federal credit union is a cooperative financial institution chartered by the federal government and owned by individual members. Today’s credit unions remain unique financial institutions with a “not for profit but for service” operating philosophy. Annual polls show that credit unions lead the financial community year after year by providing top quality personal service to millions of Americans.”
If you want to learn more, here’s a section that talks about what credit unions can do for you. http://tinyurl.com/435bndg
Now that I know more, I’m going to move my money out of Wells Fargo and into one of these organizations.
Over the next few posts, you’ll get to come along with me while I do this.